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The first week of February was quite intense for the ecosystem around Bitcoin, largely due to the diffusion of the benefits that this financial system offers to corporations as a strategic reserve. Also the price of bitcoin registered a significant rebound that led it to again exceed the mark of USD 40,000 this Saturday, January 6, as CriptoNoticias reported.
The news focus on Bitcoin was the World.Now event, covered by this medium. At this event, held on February 3 and 4, MicroStrategy explained to the main executives of some 1,400 corporations what Bitcoin could represent for these organizations and its use as a store of value and as a hedge against inflation.
This Sunday the 7th, the price of BTC reflected a boom of 17.11% in the last 7 days. At the time of writing this article, the price stands at USD 39,146, after it climbed to USD 40,760 this Saturday for the second time this year.
The weight of the fundamental parameters of Bitcoin
While some analysts hold the thesis that the MicroStrategy event was a driver for the price Since the beginning of the week, the on-chain data of Bitcoin and other metrics showed bullish signs. This was pointed out by analyst Willy Woo, whose statements we reported in CriptoNoticias. Woo maintains that the profit-taking phase is over and that the price of BTC is pointing towards $ 56,000.
Parameters such as the BTC that increasingly leaves the exchanges, or The increase in active addresses of Bitcoin are healthy signs of the network that could influence the price support and momentum more than external events. When the CEO of Tesla decided to place the Bitcoin logo on his Twitter profile, on January 29, the first cryptocurrency registered a rebound. However, in the middle of a campaign in favor of Dogecoin, last Thursday Musk decided to remove the Bitcoin logo from his Twitter profile, which did not affect the rally in the price of BTC.
Corporate event of MicroStrategy
MicroStrategy is the public company with the largest investment in bitcoin as a strategic reserve asset. For this reason, the call attracted more than 2,000 managers. The event began with an interview by Michael Saylor, CEO of MicroStrategy, with Ross Stevens, CEO of Stoneridge and the financial group NYDIG. Stevens highlighted the relationship of bitcoin, the asset, with Bitcoin, the network. He called this an “open source monetary system”, on which a growing number of applications are deployed, and described what he called “the second chapter of Bitcoin.”
Saylor offered then three keys to a bitcoin-based corporate strategy, while MicroStrategy’s executive vice president and general counsel and other executives highlighted the main legal aspects to consider when investing bitcoin.
The company shared with the attendees its Bitcoin Corporate Playbook or «Corporate Playbook on Bitcoin», while Phong Lee, MicroStrategy’s CFO and Jeremy Price, the firm’s senior vice president of financial analysis discussed the strategy they used for the bitcoinization of the organization.